Over the past few years, electric motors have gained popularity in more than just the auto industry. Many industries that use gas or diesel engines are currently considering switching over to high-efficiency electric motors. The upfront costs of electric motors are currently higher than diesel or gas engines, but electric motors tend to have more long-term benefits. Carbon taxes and a societal push are several factors why companies are becoming greener, though we may not see a major shift to electrical motors right away, it may be coming sooner than we think.
Comparison of Electric Motors vs Diesel and Gas Engines:
Electric motors tend to have longer term benefits than diesel or gas engines. Some of the most noteworthy benefits include longer lifespan, lower cost of maintenance, higher efficiency and lower CO2 pollution. Even though electric motors have many benefits, gas and diesel alternatives are currently less expensive to buy and are more customary.
Top Players in the Electrical Motors Market:
Select Examples of Electric Motors and What They Can Be Used For:
When Will We See a Major Transition:
The switch to electric motors becoming mainstream could happen as soon as 2025, as many have speculated that by then the cost to buy an electric motor will be similar to purchasing gas or diesel engines, while others believe the switch may take longer and will happen closer to 2040. As for Canadians and Canadian companies, a switch may be seen even sooner as the carbon tax is set to be $50 per tonne by 2022. The increased carbon tax may sway companies to switch to electric motors to help lower carbon tax costs. Along with Canada, there are 40 other countries that have a carbon tax plans in place who may also see the switch to electric motors sooner than countries without a carbon tax.
Who Will This Impact:
In 2017 the electrical motor market was worth an estimated $96.9 billion (USD) and is expected to reach $136.4 billion (USD) by 2025. Currently, the motor vehicle is the largest segment in the electric motors market and the HVAC equipment sector is expected to be the fastest growing segment in the electric motor market. There are already more than 300 million electric motors being used in infrastructure, large buildings and in many different industries globally and over 30 million motors are sold annually for industrial purposes. It is also expected that 48 per cent of growth will come form the Asia Pacific region
Conclusion:
With the gaining popularity of electric motors and the increasing societal push towards greener energy, the switch to electric motors is in our near future. The cost of electric motors is predicted to be the same price as diesel and gas engines within the next 10 to 20 years and electric motors hold many benefits in comparison to diesel or gas engines. Already used in many industries today, electric motors are expected to grow into more industries over the next few years as countries introduce and increase their carbon tax. Electric motors are also versatile as outlined in the “Select Examples of Electric Motors and What They Can Be Used For” chart above. Though we may not see the switch to electric motors tomorrow, the switch is slowly starting to happen and will only increase over time.
